corporate travel
Business Travel Set to Surpass Pre-Pandemic Levels to Reach a Record US$1.5 Trillion in 2024
The World Travel & Tourism Council | October 11, 2024
Perth, Australia: A new report from the World Travel & Tourism Council (WTTC) has revealed that business travel is set to surpass pre-pandemic levels this year, faster than previously predicted, to reach a record US$1.5TN. The rise of remote working during the pandemic had a disproportionate effect on corporate travel, compared to leisure travel, with virtual platforms replacing face-to-face meetings. Last year, leisure travel was just 2.9% behind the 2019 peak, whilst business travel continued to struggle, remaining 5.4% behind. But as business leaders re-emphasised the importance of face-to-face interaction, business travel is ...
Future of Business Travel To Be Shaped by Demographic Shifts and Global Volatility by 2040
The Global Business Travel Association | October 8, 2024
CWT and GBTA release special supplement report titled “2040: Baseline, Boom, or Bust” offering a comprehensive analysis of factors that will shape corporate travel strategies and business travel’s future The business travel industry is on the cusp of a major transformation, driven by a convergence of technological advancements, evolving sustainability requirements, and shifting demographic trends. To commemorate the recently released 10th edition of their Global Business Travel Forecast report, CWT and the Global Business Travel Association (GBTA) have produced a special supplement titled 2040: Baseline, Boom, or Bust...
Corporate Travel Industry Must Embrace Emerging Technology to Remain Competitive and Accelerate Growth According to New Research From GBTA and Cvent
The Global Business Travel Association | August 8, 2024
Report outlines the importance of technology in the business travel industry as a disruptor and enabler with artificial intelligence and blockchain at the top of the emerging technology list The time for technology to transform, disrupt and accelerate business travel growth is here – according to a new study, “The Future is Now: Technological Transformation in Corporate Travel,” published today by the Global Business Association GBTA, the world’s premier business travel and meetings trade organization, and made possible by Cvent, an industry-leading meetings, events, and hospitality technology provider. Based on a survey of bus...
Upward Climb With Uphill Struggles: 2024 Deloitte Corporate Travel Study
Deloitte | July 18, 2024
Amid steady corporate travel growth, companies are challenged to balance a need for more face-to-face client interaction with steep pricing and persistent environmental impact Corporate travel outlook While leisure travelers returned in a big way to airports, hotels, and vacation rentals beginning in the summer of 2021,1 corporate travel has been slower to return post–COVID-19 pandemic. Caution—initially about health, and then about financial costs and environmental impact—led most companies toward gradual returns to the road.2 New structural realities of working life have also curtailed the need to travel, with more home-centered d...
BCD Survey Reveals Gap Between Travel Policy and Traveler Compliance
BCD Travel | July 11, 2024
While over half of travel buyers consider their travel policies very effective, two-thirds of travelers still book outside of the travel policy UTRECHT, The Netherlands, July 11, 2024 – While many business travelers know of and often refer to their company’s travel policy, there’s still a gap between policy awareness and policy compliance, according to a recent BCD Travel survey of 1,200+ business travelers worldwide. The survey looked at changes in travel policies and traveler satisfaction with current regulations. Travel policy awareness In a corresponding April survey of 200+ travel buyers, BCD found that two-thirds of travel...
Business Travel Is Back. Purpose Is Key!
Accor | August 2, 2023
Is the business world still Zooming from home? Has corporate travel spending made a full recovery from the pandemic? Are carbon budgets replacing financial budgets? Accor’s Masters of Travel advisory board meeting brought industry leaders from technology, law, energy, engineering, and pharmaceuticals to Brussels to create a vision for business travel and corporate meetings post-pandemic. The delegates’ mission was to dig deep into the real value of travel, evaluating the demands it makes in environmental, social and governance (ESG) and what businesses need to prioritise in 2024 and beyond. The new Business of Travel report from Acco...
Deloitte: Business Travel Begins to Take Off, But Full Recovery Experiences Further Delays
Deloitte | April 11, 2023
Corporate travel spend will likely be smaller than pre-pandemic as U.S. and European companies weigh ROI and sustainability goals amid ongoing flexible work arrangements and increased use of technology NEW YORK, April 11, 2023 -- Key takeaways • Corporate travel spend in the U.S. and Europe is projected to surpass half of 2019 levels in the first half of 2023 and rise to two-thirds by the end of the year. Full recovery following the pandemic appears likely by late 2024 or early 2025. • Live events are set to comprise a significant share of corporate travel, advancing from the fifth biggest driver of increased spend in 20...
Hotels Are Slowly Recouping Business, But When Will the Corporate Guest Return?
HotStats | May 24, 2021
Predicting the return of corporate travel would be a cinch if foretelling the future was foolproof. No one, however, has that extraordinary prescience and even if they did, the future is, at best, murky. The continuing popularity of work-from-home arrangements, the COVID-19 induced reluctance of both individuals and companies to get back out on the road, and issues throughout the travel supply chain are all converging to create a less-than-hospitable environment for individual business travelers. “Before you get corporate travel back, you have to get people back to the office,” said Daniel Lesser, President and CEO of LW Hospitality...
